BRIEFLY

Banking & Finance

Index for Many Adjustable Loans Drops: The 11th District cost of funds index, which is used to adjust the monthly payments on 8 million adjustable-rate mortgages across the country, dropped to 4.508% in November from 4.597% in October, the San Francisco Federal Home Loan Bank said. The index essentially measures what 150 lenders in the West pay for the money they lend. The decline means borrowers with adjustable loans linked to the index should soon see their monthly payments drop.